Entrepreneurs from members of the Shanghai Cooperation Organization are trained at the Qingdao International Technology Exchange Market in Shinan district. [Photo/jingjiribao.cn]

The Qingdao International Technology Exchange Market in Shinan district, Qingdao, Shandong province has been quickly improving since its establishment in March. It has already become a technology transfer center of the Shanghai Cooperation Organization (SCO).

The market has a market-oriented operating model and has generated about 2 billion yuan ($284.05 million) in transactions in less than a year.

The market aims to develop into a large, efficient, and diversified platform. It has already established a global resource integration system through cooperation with the University-Enterprise Collaboration Innovation Alliance and the Innovation Service Collaboration Organization, both located in Shinan.

To improve efficiency, experts have been employed to evaluate various technological products, and entrepreneurs have been enlisted to offer advice.

The market also aims to provide resources and support for a variety of enterprises. 

For example, it has helped promote cooperation between a research team at the Ocean University of China and a local company that focuses on biomedical products, which has led to the development of a new type of seaweed mask.

Liu Haibo, director of the Shinan district bureau of science and technology, said that the market plans to establish branches in SCO member countries, strengthen its position as a technology transfer center of the SCO, and further expand into countries involved in the Belt and Road Initiative.